ST Deutsche Brauerei Cohort 7

8/3/2019 ST Deutsche Brauerei Cohort 7

1/46


2/46

Introduction


3/46

Assumptions

Exhibit 1

Deutsche Brauerei

Forecast Assumptions

Assumptions 1999 2000 2001

(Actual) (Actual) (Proj'd)

Sales Growth: Germany 2.50% 3.11% 3.00%

Sales Growth: Ukraine 312.00% 47.20% 45.00%Operating Margin: Germany 6.20% 6.10% 7.00%

Operating Margin: Ukraine 6.20% 6.10% 7.00%

Capital Expenditures/Sales 6,980

Excise Duties to Sales

Depreciation to Gross PPE

Dividend Payout

Melded Interest Rate

Average Tax Rate

Cash to SalesDays Sales Outstanding:

Germany

Ukraine

Allowance for Doubtful Accounts

as a % of Accts. Rec.

Payables to Sales

Inventories to Sales

Other Current Liabs. to Sales 11.

11.

2.0

5.0

14.

12.

9

4

10.

75.

6.5

35.


4/46


5/46

Exhibit 1

Exhibit 1

DEUTSCHE BRAUEREI

Historical and Projected Income Statements

Fiscal Year Ended December 31; all figures in thousands

1997 1998 1999 2000(Actual) (Actual) (Actual) (Actual)

1 Sales: Germany 62,032 62,653 64,219 66,216

2 Sales: Ukraine - 4,262 17,559 25,847

3 Net Sales 62,032 66,915 81,779 92,064

Operating Expenses:

4 Production Costs and Expenses 32,258 35,366 44,271 49,827

5 Admin. and Selling Expenses 12,481 13,014 16,274 18,505

6 Depreciation 3,609 4,314 5,844 6,068

7 Excise duties 9,143 9,108 10,486 11,557

8 Total Operating Expenses (57,491) (61,802) (76,874) (85,957)

9 Operating Profit 4,541 5,113 4,904 6,106

10 Allowance for Doubtful Accounts (5) (7) (38) (24)11 Interest Expense (1,185) (1,064) (1,046) (1,304)

12 Earnings Before Taxes 3,351 4,042 3,821 4,779

13 Income Taxes (1,132) (1,396) (1,510) (1,864)

14 Net Earnings 2,219 2,646 2,311 2,915

Dividends on :

15 Dividends to All Common Shares 1,669 1,988 1,734 2,186

16 Retentions of Earnings 550 658 577 729


6/46

Exhibit 1

Exhibit 1 -contd-

DEUTSCHE BRAUEREI

Historical and Projected Balance Shee

Fiscal Year Ended December 31; all figures in thousands

1997 1998 1999 2000(Actual) (Actual) (Actual) (Actual)

Assets1 Cash 5,366 8,183 9,813 11,048

2 Accounts Receivable

Germany 6,933 7,142 7,222 7,517

Ukraine - 424 4,090 6,168

Allowance for Doubtful Accounts (69) (76) (113) (137)

3 Inventories 6,133 6,401 7,817 12,889

4 Total Current Assets 18,363 22,075 28,829 37,485

5 Investments & Other Assets 3,102 3,189 3,416 3,520

6 Gross Property Plant & Equipt. 58,435 58,435 60,682 60,682

7 Accumulated Depreciation (23,404) (27,719) (33,562) (39,631)

8 Net Property Plant & Equipt. 35,031 30,716 27,120 21,052

9 Total Assets 56,496 55,981 59,365 62,057

Liabilities and Stockholders' Equity:10 Bank Borrowings (Short Term) 2,987 10,236 12,004 13,089

11 Accounts Payable 3,578 3,755 4,103 4,792

12 Other Current Liabilities 7,397 7,361 8,996 10,12713 Total Current Liabilities 13,962 21,352 25,103 28,009

14 Long Term Debt: Bank Borrowings 16,107 7,544 6,601 5,658

15 Shareholders' Equity 26,427 27,085 27,661 28,390

16 Total Liabs. & Stockholders' Equity 56,496 55,981 59,365 62,057


7/46


8/46

Exhibit 1

2001 2002

(Proj'd) (Proj'd)

12,682 14,277

7,661 7,891

9,241 12,014

(338) (398)

14,795 16,656

44,042 50,439

3,500 3,500

67,663 74,485

(46,397) (53,845)

21,266 20,639

68,808 74,579

17,862 21,372

5,284 5,949

11,625 13,08734,771 40,407

4,715 3,772

29,321 30,399

68,808 74,579


9/46

Exhibit 2

DEUTSCHE BRAUEREI

Historical Exchange Rates: Ukrainian Hryvna versus Deutsche Marks and Euros

-

0.20

0.40

0.60

0.80

1.00

1.20

4/3/1997

7/3/1997

10/3/1997

1/3/1998

4/3/1998

7/3/1998

10/3/1998

1/3/1999

4/3/1999

7/3/1999

10/3/1999

1/3/2000

4/3/2000

7/3/2000

10/3/2000

DM Deutsche Marks per 1 Ukrainian Hryvna


10/46

4/9/1997 0.93 4/9/1997 0

4/10/1997 0.93 4/10/1997 0

4/11/1997 0.93 4/11/1997 0

4/12/1997 0.93 4/12/1997 0

4/13/1997 0.93 4/13/1997 0

4/14/1997 0.93 4/14/1997 0

4/15/1997 0.94 4/15/1997 0

4/16/1997 0.93 4/16/1997 0

4/17/1997 0.94 4/17/1997 0

4/18/1997 0.93 4/18/1997 0

4/19/1997 0.93 4/19/1997 0

4/20/1997 0.93 4/20/1997 04/21/1997 0.93 4/21/1997 0

4/22/1997 0.93 4/22/1997 0

4/23/1997 0.93 4/23/1997 0

4/24/1997 0.93 4/24/1997 0

4/25/1997 0.93 4/25/1997 0

4/26/1997 0.94 4/26/1997 0

4/27/1997 0.94 4/27/1997 0

4/28/1997 0.94 4/28/1997 0

4/29/1997 0.96 4/29/1997 04/30/1997 0.95 4/30/1997 0

5/1/1997 0.95 5/1/1997 0

5/2/1997 0.96 5/2/1997 0

5/3/1997 0.96 5/3/1997 0

5/4/1997 0.96 5/4/1997 0

5/5/1997 0.95 5/5/1997 0

5/6/1997 0.95 5/6/1997 0

5/7/1997 0.95 5/7/1997 0

5/8/1997 0.94 5/8/1997 0

5/9/1997 0.93 5/9/1997 0

5/10/1997 0.92 5/10/1997 0

5/11/1997 0.92 5/11/1997 0

5/12/1997 0.92 5/12/1997 0

5/13/1997 0 92 5/13/1997 0


11/46

5/31/1997 0.92 5/31/1997 0

6/1/1997 0.92 6/1/1997 0

6/2/1997 0.93 6/2/1997 0

6/3/1997 0.93 6/3/1997 0

6/4/1997 0.93 6/4/1997 0

6/5/1997 0.93 6/5/1997 0

6/6/1997 0.93 6/6/1997 0

6/7/1997 0.93 6/7/1997 0

6/8/1997 0.93 6/8/1997 0

6/9/1997 0.92 6/9/1997 0

6/10/1997 0.92 6/10/1997 0

6/11/1997 0.93 6/11/1997 06/12/1997 0.93 6/12/1997 0

6/13/1997 0.93 6/13/1997 0

6/14/1997 0.94 6/14/1997 0

6/15/1997 0.94 6/15/1997 0

6/16/1997 0.93 6/16/1997 0

6/17/1997 0.94 6/17/1997 0

6/18/1997 0.93 6/18/1997 0

6/19/1997 0.93 6/19/1997 0

6/20/1997 0.93 6/20/1997 06/21/1997 0.93 6/21/1997 0

6/22/1997 0.93 6/22/1997 0

6/23/1997 0.93 6/23/1997 0

6/24/1997 0.93 6/24/1997 0

6/25/1997 0.93 6/25/1997 0

6/26/1997 0.93 6/26/1997 0

6/27/1997 0.93 6/27/1997 0

6/28/1997 0.94 6/28/1997 0

6/29/1997 0.94 6/29/1997 0

6/30/1997 0.94 6/30/1997 0

7/1/1997 0.94 7/1/1997 0

7/2/1997 0.94 7/2/1997 0

7/3/1997 0.95 7/3/1997 0

7/4/1997 0 94 7/4/1997 0


12/46

7/22/1997 0.98 7/22/1997 0

7/23/1997 0.98 7/23/1997 0

7/24/1997 0.99 7/24/1997 0

7/25/1997 0.99 7/25/1997 0

7/26/1997 0.99 7/26/1997 0

7/27/1997 0.99 7/27/1997 0

7/28/1997 0.99 7/28/1997 0

7/29/1997 0.99 7/29/1997 0

7/30/1997 0.99 7/30/1997 0

7/31/1997 0.99 7/31/1997 0

8/1/1997 1.00 8/1/1997 0

8/2/1997 1.00 8/2/1997 08/3/1997 1.00 8/3/1997 0

8/4/1997 1.01 8/4/1997 0

8/5/1997 1.01 8/5/1997 0

8/6/1997 1.02 8/6/1997 0

8/7/1997 1.01 8/7/1997 0

8/8/1997 1.01 8/8/1997 0

8/9/1997 1.00 8/9/1997 0

8/10/1997 1.00 8/10/1997 0

8/11/1997 1.00 8/11/1997 08/12/1997 1.00 8/12/1997 0

8/13/1997 1.00 8/13/1997 0

8/14/1997 0.99 8/14/1997 0

8/15/1997 0.99 8/15/1997 0

8/16/1997 0.98 8/16/1997 0

8/17/1997 0.98 8/17/1997 0

8/18/1997 0.98 8/18/1997 0

8/19/1997 0.99 8/19/1997 0

8/20/1997 1.00 8/20/1997 0

8/21/1997 1.00 8/21/1997 0

8/22/1997 0.98 8/22/1997 0

8/23/1997 0.98 8/23/1997 0

8/24/1997 0.98 8/24/1997 0

8/25/1997 0 98 8/25/1997 0


13/46

9/12/1997 0.96 9/12/1997 0

9/13/1997 0.95 9/13/1997 0

9/14/1997 0.95 9/14/1997 0

9/15/1997 0.95 9/15/1997 0

9/16/1997 0.95 9/16/1997 0

9/17/1997 0.95 9/17/1997 0

9/18/1997 0.95 9/18/1997 0

9/19/1997 0.96 9/19/1997 0

9/20/1997 0.95 9/20/1997 0

9/21/1997 0.95 9/21/1997 0

9/22/1997 0.96 9/22/1997 0

9/23/1997 0.96 9/23/1997 09/24/1997 0.95 9/24/1997 0

9/25/1997 0.95 9/25/1997 0

9/26/1997 0.94 9/26/1997 0

9/27/1997 0.94 9/27/1997 0

9/28/1997 0.94 9/28/1997 0

9/29/1997 0.94 9/29/1997 0

9/30/1997 0.94 9/30/1997 0

10/1/1997 0.94 10/1/1997 0

10/2/1997 0.94 10/2/1997 010/3/1997 0.95 10/3/1997 0

10/4/1997 0.94 10/4/1997 0

10/5/1997 0.94 10/5/1997 0

10/6/1997 0.94 10/6/1997 0

10/7/1997 0.94 10/7/1997 0

10/8/1997 0.94 10/8/1997 0

10/9/1997 0.93 10/9/1997 0

10/10/1997 0.93 10/10/1997 0

10/11/1997 0.94 10/11/1997 0

10/12/1997 0.94 10/12/1997 0

10/13/1997 0.94 10/13/1997 0

10/14/1997 0.94 10/14/1997 0

10/15/1997 0.94 10/15/1997 0

10/16/1997 0 93 10/16/1997 0


14/46

11/3/1997 0.93 11/3/1997 0

11/4/1997 0.92 11/4/1997 0

11/5/1997 0.92 11/5/1997 0

11/6/1997 0.92 11/6/1997 0

11/7/1997 0.91 11/7/1997 0

11/8/1997 0.91 11/8/1997 0

11/9/1997 0.91 11/9/1997 0

11/10/1997 0.91 11/10/1997 0

11/11/1997 0.91 11/11/1997 0

11/12/1997 0.91 11/12/1997 0

11/13/1997 0.91 11/13/1997 0

11/14/1997 0.92 11/14/1997 011/15/1997 0.92 11/15/1997 0

11/16/1997 0.91 11/16/1997 0

11/17/1997 0.92 11/17/1997 0

11/18/1997 0.91 11/18/1997 0

11/19/1997 0.90 11/19/1997 0

11/20/1997 0.89 11/20/1997 0

11/21/1997 0.92 11/21/1997 0

11/22/1997 0.92 11/22/1997 0

11/23/1997 0.92 11/23/1997 011/24/1997 0.92 11/24/1997 0

11/25/1997 0.93 11/25/1997 0

11/26/1997 0.93 11/26/1997 0

11/27/1997 0.94 11/27/1997 0

11/28/1997 0.93 11/28/1997 0

11/29/1997 0.93 11/29/1997 0

11/30/1997 0.93 11/30/1997 0

12/1/1997 0.94 12/1/1997 0

12/2/1997 0.94 12/2/1997 0

12/3/1997 0.94 12/3/1997 0

12/4/1997 0.91 12/4/1997 0

12/5/1997 0.94 12/5/1997 0

12/6/1997 0.94 12/6/1997 0

12/7/1997 0 94 12/7/1997 0


15/46

12/25/1997 0.94 12/25/1997 0

12/26/1997 0.94 12/26/1997 0

12/27/1997 0.94 12/27/1997 0

12/28/1997 0.94 12/28/1997 0

12/29/1997 0.94 12/29/1997 0

12/30/1997 0.94 12/30/1997 0

12/31/1997 0.94 12/31/1997 0

1/1/1998 0.95 1/1/1998 0

1/2/1998 0.95 1/2/1998 0

1/3/1998 0.95 1/3/1998 0

1/4/1998 0.95 1/4/1998 0

1/5/1998 0.95 1/5/1998 01/6/1998 0.94 1/6/1998 0

1/7/1998 0.94 1/7/1998 0

1/8/1998 0.96 1/8/1998 0

1/9/1998 0.95 1/9/1998 0

1/10/1998 0.96 1/10/1998 0

1/11/1998 0.96 1/11/1998 0

1/12/1998 0.95 1/12/1998 0

1/13/1998 0.96 1/13/1998 0

1/14/1998 0.96 1/14/1998 01/15/1998 0.96 1/15/1998 0

1/16/1998 0.96 1/16/1998 0

1/17/1998 0.96 1/17/1998 0

1/18/1998 0.96 1/18/1998 0

1/19/1998 0.96 1/19/1998 0

1/20/1998 0.96 1/20/1998 0

1/21/1998 0.96 1/21/1998 0

1/22/1998 0.94 1/22/1998 0

1/23/1998 0.93 1/23/1998 0

1/24/1998 0.93 1/24/1998 0

1/25/1998 0.92 1/25/1998 0

1/26/1998 0.92 1/26/1998 0

1/27/1998 0.93 1/27/1998 0

1/28/1998 0 93 1/28/1998 0


16/46

2/15/1998 0.93 2/15/1998 0

2/16/1998 0.93 2/16/1998 0

2/17/1998 0.93 2/17/1998 0

2/18/1998 0.92 2/18/1998 0

2/19/1998 0.92 2/19/1998 0

2/20/1998 0.91 2/20/1998 0

2/21/1998 0.91 2/21/1998 0

2/22/1998 0.91 2/22/1998 0

2/23/1998 0.91 2/23/1998 0

2/24/1998 0.90 2/24/1998 0

2/25/1998 0.89 2/25/1998 0

2/26/1998 0.90 2/26/1998 02/27/1998 0.89 2/27/1998 0

2/28/1998 0.90 2/28/1998 0

3/1/1998 0.90 3/1/1998 0

3/2/1998 0.88 3/2/1998 0

3/3/1998 0.89 3/3/1998 0

3/4/1998 0.89 3/4/1998 0

3/5/1998 0.89 3/5/1998 0

3/6/1998 0.90 3/6/1998 0

3/7/1998 0.90 3/7/1998 03/8/1998 0.90 3/8/1998 0

3/9/1998 0.90 3/9/1998 0

3/10/1998 0.90 3/10/1998 0

3/11/1998 0.90 3/11/1998 0

3/12/1998 0.90 3/12/1998 0

3/13/1998 0.89 3/13/1998 0

3/14/1998 0.89 3/14/1998 0

3/15/1998 0.89 3/15/1998 0

3/16/1998 0.89 3/16/1998 0

3/17/1998 0.89 3/17/1998 0

3/18/1998 0.90 3/18/1998 0

3/19/1998 0.90 3/19/1998 0

3/20/1998 0.90 3/20/1998 0

3/21/1998 0 90 3/21/1998 0


17/46

4/8/1998 0.90 4/8/1998 0

4/9/1998 0.89 4/9/1998 0

4/10/1998 0.89 4/10/1998 0

4/11/1998 0.89 4/11/1998 0

4/12/1998 0.89 4/12/1998 0

4/13/1998 0.89 4/13/1998 0

4/14/1998 0.89 4/14/1998 0

4/15/1998 0.88 4/15/1998 0

4/16/1998 0.88 4/16/1998 0

4/17/1998 0.88 4/17/1998 0

4/18/1998 0.89 4/18/1998 0

4/19/1998 0.89 4/19/1998 04/20/1998 0.89 4/20/1998 0

4/21/1998 0.88 4/21/1998 0

4/22/1998 0.88 4/22/1998 0

4/23/1998 0.88 4/23/1998 0

4/24/1998 0.88 4/24/1998 0

4/25/1998 0.88 4/25/1998 0

4/26/1998 0.88 4/26/1998 0

4/27/1998 0.88 4/27/1998 0

4/28/1998 0.88 4/28/1998 04/29/1998 0.88 4/29/1998 0

4/30/1998 0.88 4/30/1998 0

5/1/1998 0.87 5/1/1998 0

5/2/1998 0.87 5/2/1998 0

5/3/1998 0.87 5/3/1998 0

5/4/1998 0.87 5/4/1998 0

5/5/1998 0.87 5/5/1998 0

5/6/1998 0.87 5/6/1998 0

5/7/1998 0.86 5/7/1998 0

5/8/1998 0.86 5/8/1998 0

5/9/1998 0.87 5/9/1998 0

5/10/1998 0.86 5/10/1998 0

5/11/1998 0.87 5/11/1998 0

5/12/1998 0 86 5/12/1998 0


18/46


19/46

7/21/1998 0.84 7/21/1998 0

7/22/1998 0.85 7/22/1998 0

7/23/1998 0.85 7/23/1998 0

7/24/1998 0.84 7/24/1998 0

7/25/1998 0.84 7/25/1998 0

7/26/1998 0.84 7/26/1998 0

7/27/1998 0.84 7/27/1998 0

7/28/1998 0.84 7/28/1998 0

7/29/1998 0.83 7/29/1998 0

7/30/1998 0.83 7/30/1998 0

7/31/1998 0.83 7/31/1998 0

8/1/1998 0.83 8/1/1998 08/2/1998 0.83 8/2/1998 0

8/3/1998 0.83 8/3/1998 0

8/4/1998 0.83 8/4/1998 0

8/5/1998 0.83 8/5/1998 0

8/6/1998 0.83 8/6/1998 0

8/7/1998 0.83 8/7/1998 0

8/8/1998 0.83 8/8/1998 0

8/9/1998 0.83 8/9/1998 0

8/10/1998 0.83 8/10/1998 08/11/1998 0.83 8/11/1998 0

8/12/1998 0.83 8/12/1998 0

8/13/1998 0.83 8/13/1998 0

8/14/1998 0.83 8/14/1998 0

8/15/1998 0.84 8/15/1998 0

8/16/1998 0.84 8/16/1998 0

8/17/1998 0.82 8/17/1998 0

8/18/1998 0.81 8/18/1998 0

8/19/1998 0.80 8/19/1998 0

8/20/1998 0.79 8/20/1998 0

8/21/1998 0.78 8/21/1998 0

8/22/1998 0.78 8/22/1998 0

8/23/1998 0.79 8/23/1998 0

8/24/1998 0 79 8/24/1998 0


20/46

9/11/1998 0.54 9/11/1998 0

9/12/1998 0.55 9/12/1998 0

9/13/1998 0.55 9/13/1998 0

9/14/1998 0.55 9/14/1998 0

9/15/1998 0.55 9/15/1998 0

9/16/1998 0.55 9/16/1998 0

9/17/1998 0.54 9/17/1998 0

9/18/1998 0.55 9/18/1998 0

9/19/1998 0.55 9/19/1998 0

9/20/1998 0.55 9/20/1998 0

9/21/1998 0.54 9/21/1998 0

9/22/1998 0.54 9/22/1998 09/23/1998 0.54 9/23/1998 0

9/24/1998 0.50 9/24/1998 0

9/25/1998 0.49 9/25/1998 0

9/26/1998 0.50 9/26/1998 0

9/27/1998 0.50 9/27/1998 0

9/28/1998 0.44 9/28/1998 0

9/29/1998 0.44 9/29/1998 0

9/30/1998 0.43 9/30/1998 0

10/1/1998 0.43 10/1/1998 010/2/1998 0.43 10/2/1998 0

10/3/1998 0.43 10/3/1998 0

10/4/1998 0.43 10/4/1998 0

10/5/1998 0.40 10/5/1998 0

10/6/1998 0.40 10/6/1998 0

10/7/1998 0.39 10/7/1998 0

10/8/1998 0.39 10/8/1998 0

10/9/1998 0.40 10/9/1998 0

10/10/1998 0.40 10/10/1998 010/11/1998 0.40 10/11/1998 0

10/12/1998 0.42 10/12/1998 0

10/13/1998 0.43 10/13/1998 0

10/14/1998 0.42 10/14/1998 0

10/15/1998 0 42 10/15/1998 0


21/46

11/2/1998 0.48 11/2/1998 0

11/3/1998 0.48 11/3/1998 0

11/4/1998 0.47 11/4/1998 0

11/5/1998 0.46 11/5/1998 0

11/6/1998 0.45 11/6/1998 0

11/7/1998 0.44 11/7/1998 0

11/8/1998 0.45 11/8/1998 0

11/9/1998 0.45 11/9/1998 0

11/10/1998 0.43 11/10/1998 0

11/11/1998 0.44 11/11/1998 0

11/12/1998 0.43 11/12/1998 0

11/13/1998 0.41 11/13/1998 0

11/14/1998 0.41 11/14/1998 0

11/15/1998 0.41 11/15/1998 0

11/16/1998 0.41 11/16/1998 0

11/17/1998 0.45 11/17/1998 0

11/18/1998 0.44 11/18/1998 0

11/19/1998 0.44 11/19/1998 0

11/20/1998 0.43 11/20/1998 0

11/21/1998 0.43 11/21/1998 0

11/22/1998 0.43 11/22/1998 011/23/1998 0.43 11/23/1998 0

11/24/1998 0.43 11/24/1998 0

11/25/1998 0.45 11/25/1998 0

11/26/1998 0.45 11/26/1998 0

11/27/1998 0.45 11/27/1998 0

11/28/1998 0.45 11/28/1998 0

11/29/1998 0.45 11/29/1998 0

11/30/1998 0.45 11/30/1998 0

12/1/1998 0.45 12/1/1998 012/2/1998 0.45 12/2/1998 0

12/3/1998 0.45 12/3/1998 0

12/4/1998 0.43 12/4/1998 0

12/5/1998 0.44 12/5/1998 0

12/6/1998 0 44 12/6/1998 0


22/46

12/24/1998 0.45 12/24/1998 0.2294

12/25/1998 0.44 12/25/1998 0.225

12/26/1998 0.44 12/26/1998 0.2232

12/27/1998 0.44 12/27/1998 0.2231

12/28/1998 0.43 12/28/1998 0.222

12/29/1998 0.43 12/29/1998 0.2205

12/30/1998 0.42 12/30/1998 0.2168

12/31/1998 0.42 12/31/1998 0.2159

1/1/1999 0.42 1/1/1999 0.2159

1/2/1999 0.42 1/2/1999 0.2159

1/3/1999 0.42 1/3/1999 0.215

1/4/1999 0.42 1/4/1999 0.2145

1/5/1999 0.42 1/5/1999 0.2135

1/6/1999 0.41 1/6/1999 0.2109

1/7/1999 0.42 1/7/1999 0.2154

1/8/1999 0.43 1/8/1999 0.2196

1/9/1999 0.43 1/9/1999 0.2216

1/10/1999 0.42 1/10/1999 0.2148

1/11/1999 0.41 1/11/1999 0.2119

1/12/1999 0.41 1/12/1999 0.2121

1/13/1999 0.41 1/13/1999 0.20971/14/1999 0.41 1/14/1999 0.2085

1/15/1999 0.41 1/15/1999 0.2077

1/16/1999 0.41 1/16/1999 0.2111

1/17/1999 0.41 1/17/1999 0.2109

1/18/1999 0.41 1/18/1999 0.2099

1/19/1999 0.42 1/19/1999 0.2123

1/20/1999 0.42 1/20/1999 0.2144

1/21/1999 0.42 1/21/1999 0.2133

1/22/1999 0.42 1/22/1999 0.21441/23/1999 0.42 1/23/1999 0.2148

1/24/1999 0.42 1/24/1999 0.2148

1/25/1999 0.42 1/25/1999 0.2147

1/26/1999 0.44 1/26/1999 0.2245

1/27/1999 0 45 1/27/1999 0 2278


23/46

2/14/1999 0.44 2/14/1999 0.2241

2/15/1999 0.44 2/15/1999 0.2252

2/16/1999 0.44 2/16/1999 0.2264

2/17/1999 0.45 2/17/1999 0.22892/18/1999 0.45 2/18/1999 0.2311

2/19/1999 0.45 2/19/1999 0.2319

2/20/1999 0.46 2/20/1999 0.2358

2/21/1999 0.46 2/21/1999 0.2361

2/22/1999 0.46 2/22/1999 0.2365

2/23/1999 0.47 2/23/1999 0.2395

2/24/1999 0.47 2/24/1999 0.2383

2/25/1999 0.46 2/25/1999 0.2368

2/26/1999 0.46 2/26/1999 0.2372

2/27/1999 0.46 2/27/1999 0.2369

2/28/1999 0.46 2/28/1999 0.2365

3/1/1999 0.47 3/1/1999 0.2384

3/2/1999 0.47 3/2/1999 0.2392

3/3/1999 0.46 3/3/1999 0.2362

3/4/1999 0.46 3/4/1999 0.2362

3/5/1999 0.46 3/5/1999 0.2355

3/6/1999 0.46 3/6/1999 0.23553/7/1999 0.46 3/7/1999 0.2357

3/8/1999 0.46 3/8/1999 0.2352

3/9/1999 0.46 3/9/1999 0.2346

3/10/1999 0.45 3/10/1999 0.2318

3/11/1999 0.45 3/11/1999 0.2323

3/12/1999 0.45 3/12/1999 0.231

3/13/1999 0.45 3/13/1999 0.2305

3/14/1999 0.45 3/14/1999 0.2306

3/15/1999 0.45 3/15/1999 0.22973/16/1999 0.45 3/16/1999 0.2323

3/17/1999 0.45 3/17/1999 0.23

3/18/1999 0.45 3/18/1999 0.2292

3/19/1999 0.45 3/19/1999 0.2311

3/20/1999 0 45 3/20/1999 0 2318


24/46

4/7/1999 0.44 4/7/1999 0.2233

4/8/1999 0.44 4/8/1999 0.2225

4/9/1999 0.44 4/9/1999 0.2225

4/10/1999 0.44 4/10/1999 0.22294/11/1999 0.44 4/11/1999 0.2232

4/12/1999 0.44 4/12/1999 0.2227

4/13/1999 0.44 4/13/1999 0.2244

4/14/1999 0.44 4/14/1999 0.2258

4/15/1999 0.45 4/15/1999 0.2288

4/16/1999 0.46 4/16/1999 0.2333

4/17/1999 0.46 4/17/1999 0.2375

4/18/1999 0.46 4/18/1999 0.2376

4/19/1999 0.46 4/19/1999 0.2356

4/20/1999 0.46 4/20/1999 0.2365

4/21/1999 0.46 4/21/1999 0.2372

4/22/1999 0.47 4/22/1999 0.2405

4/23/1999 0.46 4/23/1999 0.2332

4/24/1999 0.47 4/24/1999 0.2411

4/25/1999 0.47 4/25/1999 0.2411

4/26/1999 0.47 4/26/1999 0.241

4/27/1999 0.45 4/27/1999 0.23224/28/1999 0.46 4/28/1999 0.2332

4/29/1999 0.46 4/29/1999 0.2348

4/30/1999 0.46 4/30/1999 0.2351

5/1/1999 0.47 5/1/1999 0.2413

5/2/1999 0.47 5/2/1999 0.2415

5/3/1999 0.47 5/3/1999 0.2411

5/4/1999 0.46 5/4/1999 0.2346

5/5/1999 0.45 5/5/1999 0.231

5/6/1999 0.45 5/6/1999 0.23155/7/1999 0.45 5/7/1999 0.2314

5/8/1999 0.45 5/8/1999 0.2321

5/9/1999 0.45 5/9/1999 0.2322

5/10/1999 0.46 5/10/1999 0.2328

5/11/1999 0 45 5/11/1999 0 2325


25/46

5/29/1999 0.47 5/29/1999 0.2403

5/30/1999 0.47 5/30/1999 0.2399

5/31/1999 0.47 5/31/1999 0.2403

6/1/1999 0.47 6/1/1999 0.24096/2/1999 0.47 6/2/1999 0.2424

6/3/1999 0.47 6/3/1999 0.2424

6/4/1999 0.48 6/4/1999 0.2438

6/5/1999 0.47 6/5/1999 0.2422

6/6/1999 0.47 6/6/1999 0.2421

6/7/1999 0.48 6/7/1999 0.2442

6/8/1999 0.47 6/8/1999 0.2419

6/9/1999 0.47 6/9/1999 0.2403

6/10/1999 0.47 6/10/1999 0.2399

6/11/1999 0.47 6/11/1999 0.2413

6/12/1999 0.47 6/12/1999 0.241

6/13/1999 0.47 6/13/1999 0.2412

6/14/1999 0.47 6/14/1999 0.2424

6/15/1999 0.48 6/15/1999 0.2436

6/16/1999 0.47 6/16/1999 0.2427

6/17/1999 0.47 6/17/1999 0.2428

6/18/1999 0.48 6/18/1999 0.2436/19/1999 0.47 6/19/1999 0.2415

6/20/1999 0.47 6/20/1999 0.2417

6/21/1999 0.47 6/21/1999 0.2426

6/22/1999 0.48 6/22/1999 0.2432

6/23/1999 0.48 6/23/1999 0.2438

6/24/1999 0.48 6/24/1999 0.2449

6/25/1999 0.47 6/25/1999 0.2424

6/26/1999 0.47 6/26/1999 0.2428

6/27/1999 0.48 6/27/1999 0.2436/28/1999 0.48 6/28/1999 0.2437

6/29/1999 0.48 6/29/1999 0.2447

6/30/1999 0.48 6/30/1999 0.2453

7/1/1999 0.48 7/1/1999 0.245

7/2/1999 0 48 7/2/1999 0 2462


26/46

7/20/1999 0.48 7/20/1999 0.2437

7/21/1999 0.46 7/21/1999 0.2332

7/22/1999 0.45 7/22/1999 0.2323

7/23/1999 0.47 7/23/1999 0.23997/24/1999 0.47 7/24/1999 0.2393

7/25/1999 0.47 7/25/1999 0.2392

7/26/1999 0.45 7/26/1999 0.2304

7/27/1999 0.43 7/27/1999 0.2213

7/28/1999 0.43 7/28/1999 0.2198

7/29/1999 0.43 7/29/1999 0.2184

7/30/1999 0.42 7/30/1999 0.2125

7/31/1999 0.42 7/31/1999 0.2122

8/1/1999 0.41 8/1/1999 0.2121

8/2/1999 0.42 8/2/1999 0.2124

8/3/1999 0.41 8/3/1999 0.2109

8/4/1999 0.41 8/4/1999 0.2087

8/5/1999 0.41 8/5/1999 0.2083

8/6/1999 0.41 8/6/1999 0.2092

8/7/1999 0.41 8/7/1999 0.21

8/8/1999 0.41 8/8/1999 0.2097

8/9/1999 0.41 8/9/1999 0.21028/10/1999 0.41 8/10/1999 0.2093

8/11/1999 0.41 8/11/1999 0.2104

8/12/1999 0.40 8/12/1999 0.2056

8/13/1999 0.40 8/13/1999 0.2051

8/14/1999 0.41 8/14/1999 0.2103

8/15/1999 0.41 8/15/1999 0.2103

8/16/1999 0.42 8/16/1999 0.2126

8/17/1999 0.42 8/17/1999 0.2153

8/18/1999 0.42 8/18/1999 0.21538/19/1999 0.42 8/19/1999 0.2163

8/20/1999 0.42 8/20/1999 0.2136

8/21/1999 0.42 8/21/1999 0.2141

8/22/1999 0.42 8/22/1999 0.2145

8/23/1999 0 42 8/23/1999 0 2123


27/46

9/10/1999 0.41 9/10/1999 0.2076

9/11/1999 0.41 9/11/1999 0.2107

9/12/1999 0.41 9/12/1999 0.2108

9/13/1999 0.42 9/13/1999 0.21459/14/1999 0.42 9/14/1999 0.2156

9/15/1999 0.42 9/15/1999 0.2161

9/16/1999 0.42 9/16/1999 0.2169

9/17/1999 0.42 9/17/1999 0.2158

9/18/1999 0.42 9/18/1999 0.2152

9/19/1999 0.42 9/19/1999 0.2154

9/20/1999 0.43 9/20/1999 0.2176

9/21/1999 0.42 9/21/1999 0.2169

9/22/1999 0.42 9/22/1999 0.2151

9/23/1999 0.42 9/23/1999 0.2147

9/24/1999 0.42 9/24/1999 0.2129

9/25/1999 0.42 9/25/1999 0.2136

9/26/1999 0.42 9/26/1999 0.2135

9/27/1999 0.41 9/27/1999 0.2114

9/28/1999 0.41 9/28/1999 0.2111

9/29/1999 0.42 9/29/1999 0.2125

9/30/1999 0.41 9/30/1999 0.21110/1/1999 0.41 10/1/1999 0.2093

10/2/1999 0.41 10/2/1999 0.2095

10/3/1999 0.41 10/3/1999 0.2102

10/4/1999 0.41 10/4/1999 0.2083

10/5/1999 0.41 10/5/1999 0.2102

10/6/1999 0.41 10/6/1999 0.2095

10/7/1999 0.41 10/7/1999 0.2104

10/8/1999 0.41 10/8/1999 0.2088

10/9/1999 0.41 10/9/1999 0.209510/10/1999 0.41 10/10/1999 0.2097

10/11/1999 0.41 10/11/1999 0.2095

10/12/1999 0.41 10/12/1999 0.2088

10/13/1999 0.40 10/13/1999 0.2068

10/14/1999 0 40 10/14/1999 0 2052


28/46

11/1/1999 0.41 11/1/1999 0.2093

11/2/1999 0.41 11/2/1999 0.2082

11/3/1999 0.40 11/3/1999 0.206

11/4/1999 0.41 11/4/1999 0.210111/5/1999 0.41 11/5/1999 0.212

11/6/1999 0.41 11/6/1999 0.212

11/7/1999 0.41 11/7/1999 0.2109

11/8/1999 0.41 11/8/1999 0.2117

11/9/1999 0.41 11/9/1999 0.2118

11/10/1999 0.41 11/10/1999 0.2117

11/11/1999 0.38 11/11/1999 0.1925

11/12/1999 0.37 11/12/1999 0.1911

11/13/1999 0.38 11/13/1999 0.192

11/14/1999 0.38 11/14/1999 0.1918

11/15/1999 0.38 11/15/1999 0.1965

11/16/1999 0.39 11/16/1999 0.1999

11/17/1999 0.39 11/17/1999 0.1978

11/18/1999 0.38 11/18/1999 0.1924

11/19/1999 0.38 11/19/1999 0.1941

11/20/1999 0.38 11/20/1999 0.1944

11/21/1999 0.38 11/21/1999 0.194211/22/1999 0.38 11/22/1999 0.1939

11/23/1999 0.38 11/23/1999 0.1939

11/24/1999 0.38 11/24/1999 0.1955

11/25/1999 0.38 11/25/1999 0.1935

11/26/1999 0.38 11/26/1999 0.193

11/27/1999 0.38 11/27/1999 0.192

11/28/1999 0.38 11/28/1999 0.1924

11/29/1999 0.38 11/29/1999 0.1932

11/30/1999 0.38 11/30/1999 0.193712/1/1999 0.38 12/1/1999 0.1935

12/2/1999 0.38 12/2/1999 0.1942

12/3/1999 0.38 12/3/1999 0.195

12/4/1999 0.38 12/4/1999 0.1949

12/5/1999 0 38 12/5/1999 0 1948


29/46

12/23/1999 0.37 12/23/1999 0.1895

12/24/1999 0.37 12/24/1999 0.1867

12/25/1999 0.36 12/25/1999 0.1862

12/26/1999 0.36 12/26/1999 0.186312/27/1999 0.36 12/27/1999 0.1863

12/28/1999 0.35 12/28/1999 0.1812

12/29/1999 0.36 12/29/1999 0.1823

12/30/1999 0.37 12/30/1999 0.1912

12/31/1999 0.37 12/31/1999 0.1912

1/1/2000 0.37 1/1/2000 0.191

1/2/2000 0.37 1/2/2000 0.1913

1/3/2000 0.37 1/3/2000 0.1913

1/4/2000 0.37 1/4/2000 0.1875

1/5/2000 0.37 1/5/2000 0.187

1/6/2000 0.35 1/6/2000 0.1795

1/7/2000 0.35 1/7/2000 0.1806

1/8/2000 0.35 1/8/2000 0.181

1/9/2000 0.35 1/9/2000 0.1809

1/10/2000 0.35 1/10/2000 0.181

1/11/2000 0.34 1/11/2000 0.1742

1/12/2000 0.34 1/12/2000 0.1751/13/2000 0.35 1/13/2000 0.1771

1/14/2000 0.35 1/14/2000 0.1773

1/15/2000 0.35 1/15/2000 0.1777

1/16/2000 0.35 1/16/2000 0.1778

1/17/2000 0.35 1/17/2000 0.1777

1/18/2000 0.35 1/18/2000 0.1782

1/19/2000 0.35 1/19/2000 0.1769

1/20/2000 0.35 1/20/2000 0.177

1/21/2000 0.34 1/21/2000 0.17561/22/2000 0.34 1/22/2000 0.1761

1/23/2000 0.34 1/23/2000 0.1761

1/24/2000 0.34 1/24/2000 0.1761

1/25/2000 0.35 1/25/2000 0.1765

1/26/2000 0 35 1/26/2000 0 1793


30/46

2/13/2000 0.35 2/13/2000 0.1792

2/14/2000 0.35 2/14/2000 0.1795

2/15/2000 0.35 2/15/2000 0.1807

2/16/2000 0.36 2/16/2000 0.18172/17/2000 0.35 2/17/2000 0.1789

2/18/2000 0.35 2/18/2000 0.1776

2/19/2000 0.35 2/19/2000 0.18

2/20/2000 0.35 2/20/2000 0.1799

2/21/2000 0.35 2/21/2000 0.1801

2/22/2000 0.35 2/22/2000 0.1793

2/23/2000 0.35 2/23/2000 0.178

2/24/2000 0.35 2/24/2000 0.1803

2/25/2000 0.36 2/25/2000 0.1827

2/26/2000 0.36 2/26/2000 0.1834

2/27/2000 0.36 2/27/2000 0.1834

2/28/2000 0.36 2/28/2000 0.1834

2/29/2000 0.36 2/29/2000 0.1831

3/1/2000 0.36 3/1/2000 0.1848

3/2/2000 0.36 3/2/2000 0.1832

3/3/2000 0.36 3/3/2000 0.1848

3/4/2000 0.36 3/4/2000 0.18523/5/2000 0.36 3/5/2000 0.1849

3/6/2000 0.36 3/6/2000 0.1854

3/7/2000 0.37 3/7/2000 0.1892

3/8/2000 0.37 3/8/2000 0.1879

3/9/2000 0.37 3/9/2000 0.1875

3/10/2000 0.37 3/10/2000 0.1882

3/11/2000 0.37 3/11/2000 0.1887

3/12/2000 0.37 3/12/2000 0.1887

3/13/2000 0.37 3/13/2000 0.18893/14/2000 0.37 3/14/2000 0.19

3/15/2000 0.37 3/15/2000 0.1879

3/16/2000 0.37 3/16/2000 0.1894

3/17/2000 0.37 3/17/2000 0.1891

3/18/2000 0 37 3/18/2000 0 1871


31/46

4/5/2000 0.37 4/5/2000 0.1887

4/6/2000 0.37 4/6/2000 0.188

4/7/2000 0.37 4/7/2000 0.1901

4/8/2000 0.37 4/8/2000 0.18954/9/2000 0.37 4/9/2000 0.1895

4/10/2000 0.37 4/10/2000 0.1893

4/11/2000 0.37 4/11/2000 0.1883

4/12/2000 0.37 4/12/2000 0.1893

4/13/2000 0.37 4/13/2000 0.1888

4/14/2000 0.38 4/14/2000 0.193

4/15/2000 0.37 4/15/2000 0.1879

4/16/2000 0.37 4/16/2000 0.1878

4/17/2000 0.37 4/17/2000 0.1878

4/18/2000 0.37 4/18/2000 0.1895

4/19/2000 0.37 4/19/2000 0.1908

4/20/2000 0.38 4/20/2000 0.1961

4/21/2000 0.38 4/21/2000 0.1954

4/22/2000 0.38 4/22/2000 0.1952

4/23/2000 0.38 4/23/2000 0.195

4/24/2000 0.38 4/24/2000 0.1948

4/25/2000 0.38 4/25/2000 0.19484/26/2000 0.39 4/26/2000 0.1989

4/27/2000 0.39 4/27/2000 0.1991

4/28/2000 0.40 4/28/2000 0.2022

4/29/2000 0.39 4/29/2000 0.1995

4/30/2000 0.39 4/30/2000 0.1994

5/1/2000 0.39 5/1/2000 0.1995

5/2/2000 0.39 5/2/2000 0.1986

5/3/2000 0.39 5/3/2000 0.2002

5/4/2000 0.40 5/4/2000 0.20585/5/2000 0.40 5/5/2000 0.2054

5/6/2000 0.40 5/6/2000 0.2037

5/7/2000 0.40 5/7/2000 0.2067

5/8/2000 0.40 5/8/2000 0.2068

5/9/2000 0 40 5/9/2000 0 2043


32/46

5/27/2000 0.38 5/27/2000 0.1946

5/28/2000 0.38 5/28/2000 0.1938

5/29/2000 0.38 5/29/2000 0.1933

5/30/2000 0.39 5/30/2000 0.19935/31/2000 0.38 5/31/2000 0.1945

6/1/2000 0.38 6/1/2000 0.193

6/2/2000 0.38 6/2/2000 0.1935

6/3/2000 0.37 6/3/2000 0.1909

6/4/2000 0.37 6/4/2000 0.1903

6/5/2000 0.37 6/5/2000 0.1905

6/6/2000 0.37 6/6/2000 0.1897

6/7/2000 0.38 6/7/2000 0.1929

6/8/2000 0.37 6/8/2000 0.1871

6/9/2000 0.37 6/9/2000 0.1881

6/10/2000 0.37 6/10/2000 0.1884

6/11/2000 0.37 6/11/2000 0.1883

6/12/2000 0.37 6/12/2000 0.1884

6/13/2000 0.38 6/13/2000 0.193

6/14/2000 0.37 6/14/2000 0.1915

6/15/2000 0.38 6/15/2000 0.192

6/16/2000 0.37 6/16/2000 0.18816/17/2000 0.36 6/17/2000 0.1858

6/18/2000 0.36 6/18/2000 0.1859

6/19/2000 0.36 6/19/2000 0.1862

6/20/2000 0.37 6/20/2000 0.1879

6/21/2000 0.38 6/21/2000 0.1922

6/22/2000 0.38 6/22/2000 0.1945

6/23/2000 0.38 6/23/2000 0.1963

6/24/2000 0.38 6/24/2000 0.1965

6/25/2000 0.38 6/25/2000 0.19656/26/2000 0.38 6/26/2000 0.1965

6/27/2000 0.38 6/27/2000 0.1964

6/28/2000 0.38 6/28/2000 0.1945

6/29/2000 0.38 6/29/2000 0.1919

6/30/2000 0 38 6/30/2000 0 1933


33/46

7/18/2000 0.38 7/18/2000 0.1942

7/19/2000 0.39 7/19/2000 0.1973

7/20/2000 0.39 7/20/2000 0.1989

7/21/2000 0.39 7/21/2000 0.1977/22/2000 0.38 7/22/2000 0.1962

7/23/2000 0.38 7/23/2000 0.1965

7/24/2000 0.38 7/24/2000 0.1963

7/25/2000 0.39 7/25/2000 0.1982

7/26/2000 0.38 7/26/2000 0.1962

7/27/2000 0.38 7/27/2000 0.1954

7/28/2000 0.39 7/28/2000 0.199

7/29/2000 0.39 7/29/2000 0.1991

7/30/2000 0.39 7/30/2000 0.1992

7/31/2000 0.39 7/31/2000 0.1991

8/1/2000 0.39 8/1/2000 0.1994

8/2/2000 0.40 8/2/2000 0.2034

8/3/2000 0.39 8/3/2000 0.2013

8/4/2000 0.40 8/4/2000 0.2066

8/5/2000 0.40 8/5/2000 0.2027

8/6/2000 0.40 8/6/2000 0.2027

8/7/2000 0.40 8/7/2000 0.20268/8/2000 0.40 8/8/2000 0.2024

8/9/2000 0.40 8/9/2000 0.204

8/10/2000 0.40 8/10/2000 0.2045

8/11/2000 0.40 8/11/2000 0.2025

8/12/2000 0.40 8/12/2000 0.2037

8/13/2000 0.40 8/13/2000 0.2037

8/14/2000 0.40 8/14/2000 0.2035

8/15/2000 0.40 8/15/2000 0.2031

8/16/2000 0.39 8/16/2000 0.20148/17/2000 0.39 8/17/2000 0.201

8/18/2000 0.39 8/18/2000 0.2005

8/19/2000 0.40 8/19/2000 0.2029

8/20/2000 0.40 8/20/2000 0.2027

8/21/2000 0 40 8/21/2000 0 2027


34/46

9/8/2000 0.41 9/8/2000 0.2108

9/9/2000 0.41 9/9/2000 0.2115

9/10/2000 0.41 9/10/2000 0.2121

9/11/2000 0.41 9/11/2000 0.21219/12/2000 0.42 9/12/2000 0.2138

9/13/2000 0.42 9/13/2000 0.2132

9/14/2000 0.42 9/14/2000 0.2141

9/15/2000 0.42 9/15/2000 0.2125

9/16/2000 0.42 9/16/2000 0.2153

9/17/2000 0.42 9/17/2000 0.2156

9/18/2000 0.42 9/18/2000 0.2156

9/19/2000 0.42 9/19/2000 0.2154

9/20/2000 0.42 9/20/2000 0.216

9/21/2000 0.42 9/21/2000 0.2167

9/22/2000 0.42 9/22/2000 0.2142

9/23/2000 0.41 9/23/2000 0.2093

9/24/2000 0.41 9/24/2000 0.2098

9/25/2000 0.41 9/25/2000 0.2098

9/26/2000 0.41 9/26/2000 0.2104

9/27/2000 0.41 9/27/2000 0.2083

9/28/2000 0.41 9/28/2000 0.20829/29/2000 0.41 9/29/2000 0.2091

9/30/2000 0.41 9/30/2000 0.2091

10/1/2000 0.41 10/1/2000 0.2091

10/2/2000 0.41 10/2/2000 0.2082

10/3/2000 0.41 10/3/2000 0.2091

10/4/2000 0.41 10/4/2000 0.2091

10/5/2000 0.41 10/5/2000 0.2101

10/6/2000 0.41 10/6/2000 0.2105

10/7/2000 0.41 10/7/2000 0.211610/8/2000 0.41 10/8/2000 0.2115

10/9/2000 0.41 10/9/2000 0.2115

10/10/2000 0.41 10/10/2000 0.2115

10/11/2000 0.41 10/11/2000 0.2109

10/12/2000 0 41 10/12/2000 0 2115


35/46

10/30/2000 0.43 10/30/2000 0.2191

10/31/2000 0.43 10/31/2000 0.2187

11/1/2000 0.42 11/1/2000 0.2168

11/2/2000 0.42 11/2/2000 0.213611/3/2000 0.42 11/3/2000 0.2142

11/4/2000 0.42 11/4/2000 0.2123

11/5/2000 0.41 11/5/2000 0.2119

11/6/2000 0.41 11/6/2000 0.2119

11/7/2000 0.42 11/7/2000 0.2136

11/8/2000 0.42 11/8/2000 0.2138

11/9/2000 0.42 11/9/2000 0.215

11/10/2000 0.42 11/10/2000 0.2124

11/11/2000 0.42 11/11/2000 0.2139

11/12/2000 0.42 11/12/2000 0.2138

11/13/2000 0.42 11/13/2000 0.2138

11/14/2000 0.42 11/14/2000 0.214

11/15/2000 0.42 11/15/2000 0.2144

11/16/2000 0.42 11/16/2000 0.2145

11/17/2000 0.42 11/17/2000 0.2159

11/18/2000 0.42 11/18/2000 0.2171

11/19/2000 0.42 11/19/2000 0.2171

11/20/2000 0.42 11/20/2000 0.2171

11/21/2000 0.42 11/21/2000 0.216

11/22/2000 0.43 11/22/2000 0.2181

11/23/2000 0.43 11/23/2000 0.2181

11/24/2000 0.43 11/24/2000 0.2193

11/25/2000 0.43 11/25/2000 0.2195

11/26/2000 0.43 11/26/2000 0.2195

11/27/2000 0.43 11/27/2000 0.2192

11/28/2000 0.42 11/28/2000 0.21611/29/2000 0.42 11/29/2000 0.2149

11/30/2000 0.42 11/30/2000 0.2146

12/1/2000 0.41 12/1/2000 0.211

12/2/2000 0.41 12/2/2000 0.2094

12/3/2000 0 41 12/3/2000 0 2093


36/46

12/21/2000 0.40 12/21/2000 0.2023

12/22/2000 0.39 12/22/2000 0.201

12/23/2000 0.39 12/23/2000 0.1991

12/24/2000 0.39 12/24/2000 0.199312/25/2000 0.39 12/25/2000 0.1993

12/26/2000 0.39 12/26/2000 0.1989

12/27/2000 0.39 12/27/2000 0.1974

12/28/2000 0.39 12/28/2000 0.1978

12/29/2000 0.39 12/29/2000 0.198

12/30/2000 0.38 12/30/2000 0.1954

12/31/2000 0.38 12/31/2000 0.1954


37/46

0.00

0.05

0.10

0.15

0.20

0.25

0.30

12/15/1998

2/15/1999

4/15/1999

6/15/1999

8/15/1999

10/15/1999

12/15/1999

2/15/2000

4/15/2000

6/15/2000

8/15/2000

10/15/2000

12/15/2000

Euros per 1 Ukrainian Hryvna


38/46

UAH 500000 500000

0.95 0.5 4.25

dm 475000 250000 1.886 2.2534464

1.2534464

2.364

1.2534464

Exhibit 3


39/46

Exhibit 3

DEUTSCHE BRAUEREI

Sources and Uses of Funds

Fiscal Year Ended December 31; all figures in EUR thousands

1997 1998 1999

(Actual) (Actual) (Actual)

Sources of Funds

1 Net Income 2,646 2,311

2 Increases in Allowance for Doubtful Accts. 7 38

3 Depreciation 4,314 5,844

4 Increases in Short Term Debt 7,249 1,768

5 Increases in Accounts Payable 177 348

6 Increases in Other Current Liabilities (36) 1,635

7 Total Sources of Cash 14,357 11,943

Uses of Funds

8 Dividend Payments 1,988 1,734

9 Increases in Cash Balance 2,817 1,630

10 Increases in Accts. Receivable (Germany) 209 79

11 Increases in Accts Receivable (Ukraine) 424 3,665

12 Increases in Inventories 267 1,417

13 Increases in Other Assets 87 227

14 Reductions in Long Term Debt 8,563 943

15 Capital Expenditures 0 2,247

16 Total Uses of Cash 14,357 11,943

Exhibit 3


40/46

2000 2001 2002

(Actual) (Proj'd) (Proj'd)

2,915 3,724 4,311

24 201 60

6,068 6,766 7,448

1,085 4,773 3,510

690 492 664

1,131 1,498 1,462

11,913 17,454 17,456

2,186 2,793 3,234

1,234 1,634 1,595

296 144 230

2,078 3,074 2,772

5,072 1,906 1,861

104 (20) 0

943 943 943

0 6,980 6,822

11,913 17,454 17,456


41/46

Exhibit 4

Exhibit 4DEUTSCHE BRAUEREI

Ratio Analyses of Historical and Projected Financial Statements

1997 1998 1999 2000 2001 2002

(Actual) (Actual) (Actual) (Actual) (Proj'd) (Proj'd)

Profitability1 Operating Profit Margin (%) 7.3% 7.6% 6.0% 6.6% 7.0% 7.0%

2 Average Tax Rate (%) 33.8% 34.5% 39.5% 39.0% 35.0% 35.0%

3 Return on Sales (%) 3.6% 4.0% 2.8% 3.2% 3.5% 3.6%4 Return on Equity (%) 8.4% 9.8% 8.4% 10.3% 12.7% 14.2%

5 Return on Net Assets (%) 6.5% 7.4% 6.9% 8.4% 9.3% 9.7%

6 Return on Assets (%) 3.9% 4.7% 3.9% 4.7% 5.4% 5.8%

Leverage7 Debt/Equity Ratio (%) 72.3% 65.6% 67.3% 66.0% 77.0% 82.7%

8 Debt/Total Capital (%) 41.9% 39.6% 40.2% 39.8% 43.5% 45.3%

9 EBIT/Interest (x) 3.8 4.8 4.7 4.7 5.0 5.1

Asset Utilization10 Sales/Assets 1.10 1.20 1.38 1.48 1.54 1.6011 Sales Growth Rate (%) 4.0% 7.9% 22.2% 12.6% 14.8% 12.6%

12 Assets Growth Rate (%) 6.0% -0.9% 6.0% 4.5% 10.9% 8.4%

13 Receivables Growth Rate (%) 4.0% 9.1% 49.5% 21.0% 23.5% 17.8%

14 Receivables Growth Rate: Germany 4.0% 3.0% 1.1% 4.1% 1.9% 3.0%

15 Receivables Growth Rate: Ukraine 0.0% NMF 863.5% 50.8% 49.8% 30.0%

16 Days in Receivables 40.8 41.3 50.5 54.3 58.4 61.1

17 Days in Receivables: Germany 40.8 41.6 41.0 41.4 41.0 41.0

18 Days in Receivables: Ukraine NMF 36.3 85.0 87.1 90.0 90.0

19 Payables to Sales 5.8% 5.6% 5.0% 5.2% 5.0% 5.0%

20 Inventories to Sales 9.9% 9.6% 9.6% 14.0% 14.0% 14.0%

Liquidity21 Current Ratio 1.32 1.03 1.15 1.34 1.27 1.25

22 Quick Ratio 0.88 0.73 0.84 0.88 0.84 0.84


42/46

Breakeven Analysis

Volume Revenues Var. CostFixed costs 24,573 0 0 0

Rev/Unit 78.49 50 4 3

VC/Unit 52.31 100 8 5

Breakeve FC/Contrib 938,799 150 12 8200 16 10

Change in WC/Unit 30.57 250 20 13

300 24 16

Volume EBIT 350 27 181 Base 1,173,000 6,130,200 400 31 21

2 101% Volum 1,184,730 6,437,233 450 35 24

3 Change 11,730 307,033 500 39 26

4 % Change 1.00% 5.01% 550 43 29

600 47 31

Operating Leverage = 5.0 650 51 34

700 55 37

750 59 39

800 63 42

850 67 44

900 71 47

950 75 50

1000 78 52

Exhibit 5

Data for Profit Break-even A

Breakeven Chart for Deutsche Brauerei, 2000


43/46

0

10

Thousands of Hectolitres of Beer Sold


44/46

Fixed Cost Tot. Cost25 25 (25)

25 27 (23)

25 30 (22)

25 32 (21)

25 35 (19)

25 38 (18)

25 40 (17)

25 43 (15)25 45 (14)

25 48 (13)

25 51 (11)

25 53 (10)

25 56 (9)

25 59 (8)

25 61 (6)

25 64 (5)

25 66 (4)

25 69 (2)

25 72 (1)

25 74 0

25 77 2

nalysis Graph


45/46


46/46

Assumptions

Revenue per HL () 78.49

Variable Costs per HL () 52.31

Contribution Percentage 33%

Tax Rate 35%

1997 1998 1999 2000 2001 2002

(Actual) (Actual) (Actual) (Actual) (Proj'd) (Proj'd)

Sales in Ukraine (, thousands) - 4,262 17,559 25,847 37,479 48,722

Change in Sales (, thousands) - 4,262 13,297 8,288 11,631 11,244

Variable Costs on the Marginal Sales - (2,841) (8,863) (5,524) (7,752) (7,494)

Contribution on the Marginal Sales - 1,421 4,435 2,764 3,879 3,750

Taxes on the Marginal Contribution - (497) (1,552) (967) (1,358) (1,312)Marginal After-tax Profits ( thousands) - 924 2,883 1,797 2,521 2,437

Variable Costs/Sales - 67% 67% 67% 67% 67%

Change in Accounts Receivable, Ukraine ( thousands) - 424 3,665 2,078 3,074 2,772

Investment in Accts. Receivable ( thousands) - 283 2,443 1,385 2,049 1,848

Return on Marginal Investment in Receivables 0% 327% 118% 130% 123% 132%

Exhibit 6

Oleg Pinchuk's Analysis of the Return on Investment from

Investment in Accounts Receivable in Ukraine

Documents

ST Deutsche Brauerei Cohort 7